The initial public offer (IPO) of Keystone Realtors was subscribed 8 per cent today. Keystone Realtors IPO received bids for 7.18 lakh shares against an IPO size of 86.47 lakh shares amounting to a subscription of 8 per cent on the first day of bidding. The quota for retail investors was subscribed 0.12 times of the allotted portion, while the portion set aside for non-institutional investors was subscribed 11 per cent today. The company launched its IPO on November 14 and the issue will close on November 16.
The issue has a price band of Rs 514 to Rs 541. The real estate firm is looking to raise Rs 635 crore through the IPO, which consists of a fresh issue of equity shares aggregating up to Rs 560 crore and an Offer-For-Sale (OFS) worth Rs 75 crore by promoters.
The issue opened for anchor investors on November 11. The firm collected Rs 190.5 crore anchor investors ahead of the public issue. It has finalised allocation of 35.21 lakh equity shares to anchor investors at Rs 541 per share. Total 16 anchor investors purchased shares in the company via anchor book. The list includes names such as Abu Dhabi Investment Authority, Morgan Stanley, Aditya Birla Sun Life, SBI Life Insurance, IDFC Mutual Fund, Tata Mutual Fund, HDFC Life Insurance Company, IIFL Special Opportunities Fund, Saint Capital Fund and BNP Paribas Arbitrage.
Bids during the IPO can be made for a minimum of 27 shares and in multiples of 27 equity shares thereafter. A retail-individual investor can apply for up to 13 lots or 351 shares by spending Rs 1,89,891). A retail investor will have to spend Rs 14,607 to apply for a single lot of 27 shares. The allotment of shares will be finalised by November 21 and the stock of the realtor is likely to list on November 24.
Keystone Realtors carries out property development under the brand name ‘Rustomjee’. The company has 12 ongoing projects and 21 forthcoming projects across the Mumbai Metropolitan Region (MMR). It completed 32 projects till June 30. The company dominates in a few MMR areas with a market share of 28 per cent in Khar, 23 per cent in Juhu, 11 per cent in Bandra East, 14 per cent in Virar, 3 per cent in Thane, and 5 per cent in Bhandup during 2017-21.
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